NMIH vs VXZ: Correlation
NMI Holdings Inc (NMIH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMIH and VXZ?
Over the past 3 years, NMIH and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.24 versus -0.36 over 3 years. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -222.3 %².
VXZ is close to the least connected end of NMIH's tracked universe, ranking #14 of 14. Correlation aside, the last 12 months split them widely, with NMIH ahead by 29.0 points (+12.9% versus -16.1%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
NMIH vs VXZ: side by side
| NMIH (NMI Holdings Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +12.9% | -16.1% |
| 5-year return | +99.5% | -53.1% |
| Volatility (ann.) | 24.1% | 25.6% |
| Beta vs S&P 500 | 0.55 | -1.31 |
| Max drawdown (3Y) | -21.4% | -36.4% |
| Market cap | $3.4B | – |
| P/E (trailing) | 8.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMIH | VXZ |
|---|---|---|
| 2022 | -4.3% | +0.5% |
| 2023 | +42.0% | -44.0% |
| 2024 | +23.9% | -12.7% |
| 2025 | +11.0% | +5.7% |
| 2026 | +9.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMIH and VXZ good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NMIH and VXZ?
The NMIH/VXZ correlation stands at -0.36 on a 3-year window (1 year: -0.24, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NMIH?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nmih-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nmih-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NMIH correlations · VXZ correlations
